Purpose Investments Inc. Announces Change of Investment Advisor and Elimination of Performance Fee for Purpose Special Opportunities Fund
TORONTO, Dec. 16, 2019 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”) announced today that, effective as of December 30, 2019 (the “Effective Date”), Kawartha Asset Management Inc. will no longer act as investment advisor of Purpose Special Opportunities Fund (the “Fund”). As of the Effective Date, Purpose will assume sole responsibility for managing the investment portfolio of the Fund.Greg Taylor, Chief Investment Officer of Purpose Investments, will take over the primary duties of managing the Fund. Greg is well-positioned to manage the Fund, given his extensive experience investing in the energy and materials sectors.The manager change is being prompted by the closure of Kawartha Asset Management Inc. and the retirement of Co-founder, President & CEO, Normand Lamarche. Normand is highly regarded as one of the brightest energy and resource investors in Canada, and Purpose would like to wish him a happy and satisfying retirement.“Managing Purpose Special Opportunities Fund has been an honour among many throughout my professional career. I’ve had the pleasure of knowing Greg Taylor for more than a decade, having worked together at Front Street Capital. He is capable and willing to do the deep dives necessary to invest successfully in the resource sectors. Investors in the Fund should rest assured knowing they are in good hands,” said Mr. Lamarche.Purpose also announced today that, as of the Effective Date, the Fund will no longer be subject to a performance fee.There will be no changes to the investment objective or strategies of the Fund as a result of the change of advisor or the elimination of the performance fee.About Purpose Investments Inc.Purpose Investments is an asset management company with more than $8-billion under management. Purpose Investments has an unrelenting focus on client-centric innovation, and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Financial, an independent, technology-driven financial services company.For further information please contact:Commissions, trailing commissions, management fees and expenses all may be associated with investment fund investments. Please read the prospectus and other disclosure documents before investing. Investment funds are not covered by the Canada Deposit Insurance Corporation or any other government deposit insurer. There can be no assurance that the full amount of your investment in a fund will be returned to you. If the securities are purchased or sold on a stock exchange, you may pay more or receive less than the current net asset value. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.This press release is for information purposes only and does not constitute an offer to sell or a solicitation to buy the securities referred to herein. This press release is not for dissemination in the United States or for distribution to US news wire services.